Owning your own home in Queens is part-and-parcel of the American dream. Yet buying a home always has been (and continues to be) a very complex process. Dealing with those complexities may intimidate many to the point of not even wanting to buy unless market conditions are favorable. How can you tell when they are? It may seem difficult, but paying attention to interest rate forecasts may serve as a predictor of when it is best to buy. If current forecasts are to be believed, now may be the time to buy a home before higher rates (combined with other factors) make it even more difficult to do so.
If you are getting ready to buy a home in the Queens County area, you should do more than look for houses that meet your criteria. As much as you enjoy the thought of owning your place and not having to pay rent anymore, there are some factors that can trip you up during the buying process.
Financial challenges affect many Americans, whether from a sudden change in circumstances or a gradual descent into debt. In fact, they are so common that, according to Forbes, one in four people in the U.S. deal with symptoms resembling PTSD as a result. If you are in this group, you may be looking into options to mitigate the burden of your financial responsibilities. Mortgages are one of the biggest expenses for many people, so a modification may seem ideal.
Buying a home is one of the single-most effective methods of building wealth over time, but it does not always come cheap. The price you ultimately pay for your home often far exceeds the asking price, and while some reasons why are obvious - such as the fact that you must pay interest on your loan - there are other fees involved that are less well-known. Some of these may include:
Purchasing a home is a huge step in anyone's life, and while it is extremely exciting, it can also be very stressful due to the various legal implications associated with owning property. There are several things one must keep in mind during the process of looking for and purchasing a home.
Leaving behind the rental market in favor of home ownership is a major decision, especially in New York City. When competition is high, buying a house or condo can not only be expensive, but it can also take time.
After you close on your new home you should apply for the NYS STAR tax credit with the New York State Tax Department. To be eligible to receive this Basic STAR credit, the home must be your primary residence and the total annual income of you and your spouse combined cannot exceed $500,000.00. New applicants will receive a check directly from New York State. (Previously owners received a school property tax exemption.) To apply, download an application at www.tax.ny.gov/star or call the STAR exemption office at (212) 639-7675.
Finding that right apartment, condominium or co-op unit in New York can be akin to searching for the Holy Grail. Once you find the property that meets your requirements for location, layout and price you may need a moment of silence to celebrate.
Internal Revenue Code Section 1031 allows owners of real estate investment property to sell their property and purchase new property with the proceeds of the sale while deferring the taxes which would ordinarily be due as a result of the capital gain realized on the sale. This is commonly known as a "1031 Tax Deferred Exchange", or a "Like-Kind Exchange". There are very specific rules which must be strictly adhered to for this vehicle to be successfully employed. However, if properly handled, the 1031 exchange can allow investors to legally defer the payment of capital gains taxes which would ordinarily be due on the profits realized from the sale.